Bitgo, the main provider of custody and infrastructure for digital assets, announced today the integration of SBTC, the Stacks 1: 1 as programmable supported by Bitcoin. This integration unlocks new opportunities for institutional participation in decentralized finance (Defi). As a long supporter of Stacks, Bitgo was an early signatory on the Stacks network and one of the first supporters of the Nakamoto and SBTC update. Bitgo customers can now make their productive Bitcoin assets by using SBTC, a 1: 1 supported asset, which unlocks the Bitcoin functionality without compromising its security. With the SBTC withdrawal functionality to be launched at the end of the month, institutions will be able to convert between BTC and SBTC on Layer 1 and Layer 2 types, opening the door to new applications, tokenized assets and deffic products. As the main supporter and creator of the WBTC in 2018, Bitgo was a pioneer of the concept of packed bitcoin. Based on this, Bitgo now recognizes the evolutionary landscape and demand for more decentralized solutions. SBTC represents the next step in this evolution; Without a centralized custodian, SBTC is maintained by Smart contracts and an open network, decentralized by the validators. In addition, all SBTC transactions are settled on Bitcoin with a 100%purpose, benefiting from the entire security budget in itself. Bitgo support for SBTC comes at a time when Bitcoin enters an era of utility and access. In the last year, the total blocked value of Bitcoin (TVL) in Defi applications has increased more than 20 times, reaching $ 6.5 billion by the end of 2024. Analysts design that this figure will exceed $ 10–20 billion in 2025 as institutional adoption accelerates.
«Bitgo has long believed in the promise of Bitcoin beyond being just a valuable reserve. Our integration of SBTC marks a crucial step towards extending Bitcoin utility in decentralized finances,» said Abishek Singh, product manager at Bitgo. «As one of the first supporters of Stacks and the launch of Nakamoto, we are delighted to bring custody and institutional infrastructure in the stacks ecosystem. With over $ 3 trillion in processed transactions and more than $ 48 billion in Active Staked, Bitgo is uniquely positioned to help institutions access this new era of Bitcoin. to programmable financial products, decentralized without compromising the basic principles of bitcoin – and we are just beginning. «
Stacks is the main layer 2 for Bitcoin, designed to scalify bitcoin and bring smart contracts into its ecosystem. As one of the oldest projects in this space, Stacks constantly drove innovation by allowing decentralized applications, non-functionable token (NFTS) and Defi solutions-all provided by bitcoin. The integration comes against the background of the growing demand for SBTC from important players such as Jump Crypto, Utxo Management, SNZ and Asymmetric Research. These institutions are among the leaders who drive the adoption by using the SBTC functionality to participate in Defi. Notable, Bitgo support also includes SIP-010 integration, the Stacks fungible token standard. This opens up the possibility of supporting other assets stacks in the future, further expanding the potential and interoperability of the ecosystem within the Stacks network.
About Bitgo
Bitgo is the main infrastructure provider for digital assets solutions, offering custody services, wallets, staking, trading, financing and settlement from cold regulated storage. Since our establishment in 2013, we have focused on allowing our customers to safely navigate in the space of digital assets. With a great global presence through several regulated entities, Bitgo serves thousands of institutions, including many of the best brands, exchanges and platforms in the industry, as well as millions of retail investors around the world. As an operational support of the digital economy, Bitgo manages a significant part of the transactions on the Bitcoin network and is the largest customer independent of digital assets and staking provider in the world. For more information, visit www.bitgo.com.
About stacks
Stacks, the main Bitcoin L2, allows SMART to decentralized contracts and applications to use Bitcoin as a safe base layer. The launch of Nakamoto, activated on October 29, 2024, brought faster speeds and transactions that are as irreversible as Bitcoin once confirmed. He prepared the SBTC scene, a programmable Bitcoin asset, which was launched on December 17, 2024. Stacks is the current leader in Bitcoin L2 in terms of developing and capitalizing the market and helps to unlock Bitcoin and $ 1T in passive capital as a completely programmable and productive asset. The Stacks token (STX), used as a GAS on L2, was the first to go through a COD qualified sale in the United States. The project is explicitly decentralized with the launch of Mainnet in 2021. In the Stacks ecosystem, there are currently over 30 contributing entities, including the non-profit Stacks Foundation, a tool company for developers, HIRO, Xverse, Trust Machines, Mechanism, Bitcoin Laks, Alex, Bitcoin Frontier Fund and others. Contact
Market Across
[email protected]